Zedcrest Acquires Leatherback in Strategic Fintech Expansion

Nigerian financial services group Zedcrest has acquired cross-border payments startup Leatherback, marking a significant move into fintech infrastructure. The acquisition follows five years of partnership and represents a shift from passive investor to active owner.

The terms of the deal were not disclosed, but Zedcrest indicated plans to revive Leatherback’s ambitions in the underpenetrated cross-border payments market. Leatherback will continue operating independently under its existing brand and team while integrating with Zedcrest’s broader financial services ecosystem.

Strategic Rationale Behind Acquisition

The move aligns with a growing trend among investors who seek to consolidate fintech assets rather than wait for external exits. By bringing payment infrastructure, regulatory licenses, merchant relationships, and distribution channels under one roof, Zedcrest aims to create greater value than through standalone investments.

This acquisition provides Zedcrest with complete control over the customer experience in moving money across borders—a critical capability that complements its existing lending (through Zedvance Finance), investment management, and advisory businesses. The integrated model creates additional revenue streams every time payments are processed.

What This Means for Leatherback

The acquisition offers Leatherback several advantages:

• Access to greater financial resources for expansion
• Simplified regulatory compliance through Zedcrest’s existing framework
• Expanded distribution channels within the larger group
• Increased credibility with partners and customers

This move positions both companies advantageously in a rapidly evolving African fintech landscape where integrated solutions are increasingly valued by businesses seeking seamless payment experiences across multiple markets.